One of the most common problems is that there is “good” debt and “bad” debt. Student loans are better than credit card debt? Of course. But is it a good debt? Well, now it’s an oxymoron.

You borrow money now, and then return it with interest. In my opinion, there is nothing good in debt. This is another financial commitment keeping you from your goals.

Yet this lie is repeated again and again. Borrowers calm down on the repayment of their debt, because it is a “good” type of debt.

While all debts are not created equal, none of them are good, and you have to work hard to pay it as soon as possible.

“I can not afford to save”

Have you ever faced the need to choose between covering emergency expenses or paying a student loan? Does the lifestyle from paycheck to paycheck make it almost impossible to stay on top of your student loans debt?

The lack of an emergency savings fund makes it difficult to get out of debt. When an unexpected account appears or you need to purchase a large ticket, you may have to refuse to pay a student loan or even use credit cards to allow it. Believing that you cannot afford to save can lead to financial instability and even more debt.

If you think you cannot afford to save, you will never do that. Saving money is a habit that have to improved. I was pretty ruined in my life, and I had a habit of saving something from every paycheck, even if it was only 10 dollars.

If saving money was a problem, start by deferring one percent of your paycheck. As income allows, start increasing this number. Having a pillow of funds will help you be financially secure and allow you to focus on paying off student loans.

“Minimum payment is enough”

I have to make a confession: I have long believed in this lie. I thought making the minimum payments was just great. I made timely payments on a standard repayment plan. I patted my back.

In fact, I could roughly double the amount of my debt every month. Minimum payments are just the minimum that you must pay to avoid default. But by completing only the minimum payment, you extend the time required to repay your loans, and significantly increase the total interest paid.

Check your income and expenses to find out how much money you can spend on paying a student loan each month. Even an extra $ 50 a month can help speed your repayment. Find out how an extra charge can speed up your debt repayment process.

Remember that you are struggling with interest – to overcome these additional costs, you need to pay more than the minimum to get ahead.

“Someone will help me out”

Some people are counting on someone to save them from debt on student loans. They are waiting for a student loan reform, a rich partner, or even a hefty inheritance from mom and dad.

To believe that someone will save you from a student loan debt is the same as waiting for Prince Charming; it probably won’t happen. The worst thing you can do is stop paying your student loans in the hope that you will find help in the future.

Recognizing your debt is the first step to action. Despite the fact that it would be nice if someone else waved his wand and made your debt disappear, think about how much sweet life there will be as soon as you pay it yourself. This will be a great achievement!

With such a large amount of money, you may feel that you have to be rich in order to pay off this debt. Of course, it would help to earn six figures per year, but you can pay off student loans with lower income.

I continued to pay off debts, even when several years ago I earned from 20,000 to 30,000 dollars. I’m not alone either. Personal finance blogger Zina Kumok paid off her student loans with an income of $ 30,000 a year.

To repay low-income debt is not easy, but it is possible. It requires sacrifice and creativity – and, frankly, many people think that you have to be rich in order to pay off your debts, because they don’t want to invest in work. Debt repayment is work, but hard work means financial freedom